Wednesday, December 19, 2018

Rising utility bills consumers’ greatest concern


UK consumers are most concerned over rising utility bills, as 31 per cent said that such hikes are their greatest or second greatest financial worry, according to data released today.

According to Nielsen‘s Global Survey of Consumer Confidence and Spending Intentions, the number of UK consumers naming rising utility costs as their primary or secondary concern has risen eight per cent on the first quarter of 2011 as Britain‘s leading energy providers continue to increase prices despite economic fragility.

The state of the general economy was the second greatest concern as 23 per cent of people said this was a top-two concern while rising food prices also dented consumer confidence across the country.

As the second-fastest growing concern over the last two years after utility bills, rising food prices were named as a top two concern by 22 per cent of consumers, up four per cent on 2011.

Concerns over debt and job security rose three per cent while the economy and rising fuel prices are the greatest concerns for seven per cent fewer people, figures revealed.

Nielsen‘s Managing Director for UK & Ireland Chris Morley said of the findings: “It‘s hardly surprising that finances dominate our concerns.

“Almost one in three UK consumers have no spare cash once they‘ve covered their essential living expenses, much higher than the one in five across Europe as a whole.

“Furthermore, almost nine in ten consumers think we‘re in a recession and, amongst those that do, only 15 per cent think we‘ll be out of it within a year.”